Precision Drilling reports Q2 profit down from a year earlier
The company says the profit amounted to $1.07 per diluted share for the quarter ended June 30, down from $1.44 per diluted share in the same quarter last year.
Revenue totalled $406.6 million, down from $429.2 million in the second quarter of 2024.
The drop came as it averaged 33 active drilling rigs in the U.S. for the quarter compared with 36 for the second quarter of 2024.
Meanwhile, Precision averaged 50 active drilling rigs in Canada for the quarter, compared with 49 a year earlier. The company's international operations averaged seven active drilling rigs for the quarter compared with eight in the second quarter of 2024.
Service rig operating hours for the quarter dropped 23 per cent compared with a year earlier on customer-driven project deferrals, weather impacts and lower U.S. activity.
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This report by The Canadian Press was first published July 30, 2025.
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